48% of Young People Say They Are Spending More Money in 2021, Finds New Data From Clutch
Monday, August 30th, 2021
Almost half of people between 18 and 34 (48%) say that their spending has increased in 2021, according to a new survey from Clutch, the leading B2B ratings and reviews platform.
Clutch surveyed Americans to find out whether they were spending more or less than in 2020. The data reveals that consumers are in general spending more than they had been a year ago, and that middle-aged people have adapted to online shopping.
After a year of saving, young Americans are ready to open their wallets, which experts attribute to the improved economic environment and a reduction in COVID-related restrictions.
Some experts say that young people are especially likely to spend more on travel expenses before some COVID restrictions are reimplemented.
"There is an ongoing concern that we may be faced with another lockdown in our area, especially as the weather gets cooler," Barker said. "Millennials are trying to take advantage of this time to see as many new places as possible."
Middle Aged People Spending More Money Online
Half of people between 35 and 54 (50%) say that their online spending has increased in 2021. In comparison, only 43% of people between 18 and 34 and 37% of those 55 and older have reported increased online spending this year.
Experts say that reduced in-person commerce during COVID-19 made middle-aged consumers more comfortable with online shopping.
"Prior to the pandemic, most middle-aged people used to do their shopping and buying in-person," said Cindy Corpis, CEO of SearchPeopleFree, a software development firm. "But since the pandemic, there has been a shift to online shopping."
Corpis believes that the increase in online shopping by middle-aged consumers is a strong sign for the future of e-commerce.
"If the highest earning age group is beginning to migrate to online shopping, there is about to be a major rise in sales and profit for e-commerce stores," Corpis said.
Read the full report here: https://clutch.co/accounting/resources/millennial-spending-habits-covid-19.
For questions about the survey or comments on the finding, contact Anna Peck at email@example.com.